The present invention relates generally to the field of analytics, and more particularly to predictive analytics.
The Internet of things (IoT) is the network of physical devices, vehicles, and other items embedded with electronics, software, sensors, actuators, and network connectivity which enable these objects to collect and exchange data.
The IoT allows objects to be sensed or controlled remotely across existing network infrastructure, creating opportunities for more direct integration of the physical world into computer-based systems, and resulting in improved efficiency, accuracy, and economic benefit, in addition to reduced human intervention. When IoT is augmented with sensors and actuators, the technology becomes an instance of the more general class of cyber-physical systems, which also encompasses technologies, such as smart grids, virtual power plants, smart homes, intelligent transportation, and smart cities. Each device is uniquely identifiable through its embedded computing system but is able to interoperate within the existing Internet infrastructure. Connected physical devices utilize sensors to incorporate predictive analytics to their operational network infrastructure.
Predictive analytics is often defined as predicting at a more detailed level of granularity, i.e., generating predictive scores (probabilities) for each individual organizational element. “Predictive analytics—Technology that learns from experience (data) to predict the future behavior of individuals in order to drive better decisions that analyze current and historical facts to make predictions about future or otherwise unknown events.